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The price of ApeCoin broke through the resistance of the head-and-shoulders pattern, rising to a new ATH level of $5.63. This may herald an imminent uptrend, but technical signs are pointing in the opposite direction.
In general, both bulls and bears can make a small share of profits from APE, making the overall trend neutral. The double bottom pattern appears to herald the continuation of the current downtrend.
ApeCoin: Strong Buy Signals
However, this downward trend has not yet materialized. The current APE coin’s small rally could be a short one after the decline that began on September 13.
The price of APE coin has recently had double bottoms and single bottom reversals. The bearish trend predicted by investors can only be reversed if the price can sustain itself at 78.60%. The result can be a stronger buy signal for market participants.
The price of APE is predicted to rise as the cryptocurrency market recovers along with the broader financial sector in conditions where the cryptocurrency market may ignore the bad news about CPI and the imminent rate hike.
The value of alternative cryptocurrencies such as APE coin is highly correlated with the market price of Bitcoin. This coefficient is currently 0.73 as of the time of this writing. The high degree of correlation between the two currencies indicates this.
Short-Term Performance: Looking for Support
ApeCoin’s short-term performance is “acceptable,” but only with access to real-time data. As of this writing, the cryptocurrency is trading above the Fib level of 78.60 and is trying to find support there. This may just be a momentary victory.
The value of the APE currency will increase due to the general rise of the economy and financial markets. Critical aid can be found between $4.24 and $4.60. Both price declines and price increases that APE is sustained and sustained by these two factors.
The $4.60 support level is where the price can find a floor before falling to the $4.24 zone.
However, the recovery of the APE coin may fail if the bears also break the $4.24 support level. However, recent market data indicates that the APE currency is showing signs of recovery. At the 1 hour time frame, the coin has firmly established above the level of 78.60 fib. When costs come down, agents and investors can gain confidence.
